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The Home Affordable Refinance Program, commonly known as HARP, has been extended until the end of 2016.

To be eligible, the mortgage loan 1) must be guaranteed by Fannie Mae or Freddie Mac; 2) originated no later than May 31, 2009; 3) current loan-to-value (LTV) ratio must be greater than 80 percent; 4) must be current with no late payments for the past six months, and no more than one late payment for the past twelve months.

The purpose of the HARP program is to enable borrowers who have little or no equity in their home to refinance into a more affordable mortgage.

WHO SHOULD APPLYBorrowers who are "house poor," i.e., more than 35% of their pre-tax monthly income goes toward the mortgage (including the tax and insurance), otherwise have trouble meeting their basic expenses, or have no safety net for emergencies. Also, borrowers who have an adjustable rate mortgage, commonly known as an "ARM" may be able chage their mortgage to a fixed-rate mortgage.